Thursday’s session has the board working fractionally to 1 ¾ cents higher through midday. March corn has seen an 8 ¼ cent range for the day from -5 ½ to +2 ¾ cents. Open interest increased 24.6k contracts on Wednesday – mainly in the May contracts. Corn OI is up 222k contracts (17%) since the start of the year. Wednesday trading also increased OI in options, with 15k new calls and 25k new puts added.
Weekly EIA data showed production dropped off by 8k barrels per day to 1.054 million during the week that ended 1/12. That was still the 17th consecutive +1m bpd week. Ethanol stocks built up by 1.324 million barrels to 25.695 million. That is the largest stockpile since March.
Trade estimates ahead of the weekly Export Sales report are to see between 500k MT and 1.2 MMT of old crop corn booked for the week that ended 1/11. New crop corn sales are estimated to be below 100k MT.
The European Commission has seen corn imports at 9.52 MMT for the season through Jan 14. That is 42% behind last year’s pace. FranceAgriMer revised their corn export figure 40k MT lower to 4.15 MMT, with carryout for France upped to 2.2 MMT.
Mar 24 Corn is at $4.44 1/4, up 2 cents,
Nearby Cash is at $4.20 1/1, up 2 1/8 cents,
May 24 Corn is at $4.55, up 1 1/4 cents,
Jul 24 Corn is at $4.63 3/4, up 1 1/4 cents,
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